HORSHOLM, Denmark, March 7, 2012 /PRNewswire/ -- Veloxis Pharmaceuticals A/S (OMX: VELO) ('Veloxis') today published the annual report of Veloxis Pharmaceuticals A/S for the financial year 2011. The annual report has been prepared in accordance with International Financial Reporting Standards as adopted by the EU and additional Danish disclosure requirements for annual reports of listed companies.
This company announcement should be read in conjunction with Veloxis' annual report 2011 published separately today.
Full Year 2011 Highlights
- Positive phase III results in the LCP-Tacro Trial in stable kidney transplant patients which met all primary efficacy and safety endpoints.
- Award of a DKK 3.9 million grant from The Danish National Advanced Technology Foundation to support development of an oral chemotherapy agent.
- Company name changed from LifeCycle Pharma.
- Licensing of US commercial Fenoglide® (fenofibrate) rights to Santarus and settlement of Impax patent litigation.
- Veloxis and Athena Drug Delivery Solutions Pvt. Ltd. partnership to develop, manufacture and commercialize Veloxis' investigational drug AtorFen (Fenofibrate-Atorvastin fixed dose combination) in certain emerging markets.
- During 2011, Veloxis had no revenue compared to DKK 1.5 million in 2010. Revenue in 2010 consisted of payments under Veloxis' collaboration agreements.
- Research and development costs increased by DKK 11.6 million, or by 5.5%, from DKK 210.4 million in 2010 to DKK 222.0 million in 2011. Research and development costs are mainly attributable to the two phase lll trials of LCP-Tacro. These costs include the finalization of the phase lll study in kidney transplant patients (stable patients, Study 3001) along with costs associated with the ongoing phase lll study in kidney transplant patients (de novo patients, Study 3002).
- Administrative expenses decreased by DKK 4.4 million or by 8.4%, from DKK 52.2 million in 2010 to DKK 47.8 million in 2011. The reduction in cost is attributable to the continued focus on reducing overall cost.
- During 2011, Veloxis recognized DKK 252.6 million in net loss compared to DKK 274.2 million in 2010. The net loss is in line with management's expectations for 2011, which projected a net loss of DKK 250 - 280 million.
- As per 31 December 2011, the balance sheet reflects cash and cash equivalents of DKK 297.7 million compared to DKK 531.5 million as per 31 December 2010. The decrease in cash position reflects the changes in operating activities in 2011. The cash position is in line with management's expectations for 2011, which projected a cash position at the end of 2011 of DKK 250 - 300 million.